Property in Nicosia: a peculiarity of the region

Nicosia is the capital of Cyprus, so it has all the essential «capital» attributes: business environment, entertainment, gastronomic delights, developing infrastructure, modern buildings, and recreation areas. Real estate in Cyprus is presented in the traditional style — white or bright houses-boxes with large windows and porches and very often with blue doors and shutters, as it is accepted in Greek culture. But the city is sprawling with tall multistory buildings with offices and apartments, gradually changing its appearance to a more modern one with elements of an oriental fairy tale.

Features of the city of Nicosia

There is no other capital in the world. Nicosia is unique because it is divided in half and is the capital of two states simultaneously — the Republic of Cyprus (the southern, Greek part) and the Turkish Republic of Northern Cyprus, which was recognized in the world only by Turkey after 1974 attack, when the Turks seized half of the island and its capital.

Nicosia is a city that evokes very mixed feelings and impressions. On the one hand, its atmospheric narrow streets and old buildings immerse you in the spirit of an oriental fairy tale. But on the other hand, some of the desolate ghost districts evoke a feeling of bitterness.

But life here is boiling, especially life in the business community. Offices and hubs appear in the capital at a desirable rate. International companies are moving into the city and opening their businesses. Employees are relocating, renting housing, and staying on as permanent residents. On practically every street, you can find a café or restaurant where it is convenient to have a business lunch or meet with business partners.

Over the past few years, Nicosia has been under active development with new parks with beautiful landscaping, fountains, playgrounds, and sports fields. High-rise buildings are being built, technologically designed, and aimed at the commercial and residential sectors — modern Class A offices and luxury apartments for living or renting.

If we talk about the location of Nicosia, it is the only city in Cyprus with no sea access. There will be no crowds of tourists and an abundance of tourist hotels and entertainment. This city is comfortable for a quiet family and business life.

The location in the middle of the island also affects the climate. Here it is quite hot and dry — in the summer, the temperature can rise to 37-40 degrees Celsius, while in the resort of Paphos can be much cooler — only 30-32°C.

But the absence of the sea does not detract from the beauty of the surrounding nature — the capital is spread out on a plain surrounded by mountains, so the view from every window will please the mountain's flat peaks and romantic landscape.

Another feature of Nicosia is the festivals. The loudest and most popular ones take place here. For example, the Nicosia Beer Fest in September will delight everyone with all kinds of beers, which is when visitors from all over the island come here. In the middle of summer, the famous Nicosia Festival takes place, where many performers of various genres of music present their works in the city's music venues.

If we talk about real estate prices in Cyprus, they are about the same as in Limassol in Nicosia — that is, slightly higher than in the rest of the island. This is due to the high demand for housing on the part of relocates who come to the country and stay to work and live on the island.

What kind of real estate can I buy in Cyprus, including Nicosia? This can be both apartments in apartment complexes and private homes in the city or out of town.

If you want to buy property in Nicosia, contact SPM Real Estate specialists — we will help you find the best accommodation for you and the most liquid properties if you buy for commercial purposes.

Property in Nicosia: what to choose?

Real estate in Nicosia is in demand for many reasons. The capital is a comfortable place to live, the service and maintenance are well developed, the social and business life is thriving, and there are many institutions for quality European education — it is here where most English schools are located, opening the doors to many universities in the world, and where there is the most significant amount of universities on the island: University of Nicosia, University of Cyprus, European University of Cyprus and others. Many people move here to give their children a quality education because it is of European standard but cheaper than in many other European countries.

To live, you need to buy an apartment in Nicosia or any other residential property — it is necessary not only for the family's primary residence but also to obtain a permanent residence permit in Cyprus. But what to choose?

The following properties represent residential real estate in Nicosia:

  • apartments and penthouses;
  • small studio apartments;
  • villas with a private plot and swimming pool;
  • adjacent villas with one shared wall;
  • townhouses — a middle option between apartments and villas.

It is not possible to say that one type of property is better than another — you can choose a villa or apartment to your liking, mainly since the type of property does not depend on location — you can buy an apartment on the outskirts of Nicosia or a house in the city center.

If you buy a house in Cyprus in Nicosia for investment purposes, you can be sure of the great demand for rent. No less than 1000 new companies are registered on the island every year, and their incoming employees need long-term rentals.

The price of real estate in Nicosia: what does it depend on?

Many factors influence the formation of property prices in Cyprus:

  • the price increases if you are close to the sea;
  • living space and the area of the adjacent land;
  • the development of infrastructure of the complex and its internal services;
  • the quality of construction and finishing materials;
  • the stage of construction — in the trenches is cheaper than after the completion of the project.

The city where you buy a house in Cyprus plays a unique role. If it is Nicosia or Limassol, the price tag will be up to 40% higher because of the demand and the expansion of the business environment. In other resort towns, it is cheaper.

SPM Real Estate specialists will help you calculate all the points and optionally build a business model to buy the most effective property in Cyprus.

What you get when you buy a property in Nicosia: bonuses

Investing in real estate in Cyprus and buying a villa or apartment in Nicosia will give you several bonuses:

  • stability of the economy and financial sector;
  • soft tax climate and one of the lowest corporate tax rates in Europe (12.5%);
  • optimal return on investment with a high ROI (average of 8% p.a.);
  • the promising economic outlook for the real estate market due to its stable growth for 3 years in a row;
  • safety of life (Cyprus is the 5th safest country in the world, and crime is almost nonexistent);
    high standard of living — the country is a member of the European Union, is a member of the Eurozone, and has a British legal system;
  • rapid acquisition of permanent residence permit, as by purchasing a property from €300,000 plus VAT, you will get a permanent residence permit of Cyprus by an expedited procedure from 2 months. In 7 years after obtaining the status of permanent residence in Cyprus, you can become a citizen of the country.

What other real estate can I buy in Cyprus?

In addition to residential real estate in Nicosia, you can buy an effective commercial property in Cyprus:

  • stores;
  • offices, co-working spaces, and innovation hubs;
  • shopping and entertainment centers;
  • cafes, restaurants;
  • hotels and apart-hotels;
  • medical clinics;
  • kindergartens and schools.

Depending on your life and business goals, our experts will help you choose the best property for investment.

Contact SPM Real Estate and buy property in Cyprus to make your dream of a beautiful life come true!

Your most valuable contact in Cyprus — SPM Real Estate.

22 августа 2022
18 августа 2022

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We, SPM Real Estate team, provide our users with reliable and comprehensive information concerning buying and renting residential and commercial real estate, as well as covering variety of domestic and legal issues.

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